A document that gives a lender the right to sell your property if you can not repay your loan
A deed of trust is similar to a mortgage contract except that a deed of trust involves a third party called a trustee, usually a title insurance company, who acts on behalf of the lender.
When you sign a deed of trust, you are in effect giving the trustee title (ownership) of the property, but holding on to the right to use and live in it. The lender or trustee holds the original deed of trust until you repay the loan on your home. Unlike a mortgage, a deed of trust also gives the lender the right to foreclose on your property without taking you to court first.
Stop my foreclosure
A loan with a fixed interest rate
Mortgage definitions and Real Estate Terms, Consolidating loans, refinancing mortgages and reverse mortgage process available to anyone. This consumer information site contains several tools and guides to aid in purchasing or refinancing a home or commercial property.
Share This Page!
Sunday, April 16, 2006
Deed
A legal document that transfers ownership/title of a property
Whoever holds the deed on a home is the legal owner (or holds title). Before the closing date, however, the lender requires a title search to prove that the seller really owns the property you are about to buy. You receive the original deed in the mail after it is recorded at the county courthouse. You need to make sure this happens since it is proof that you own the home. A grant deed is the most common type of deed used to transfer title.
Deed of Trust states: Alaska, Arizona, California, Missouri, Nevada, North Carolina, Virginia, and Washington DC.
Mortgage States: Alabama, Arkansas, Connecticut, Delaware, Florida, Hawaii, Indiana, Kansas, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Minnesota, New Hampshire, New Jersey, New Mexico, New York, North Dakota, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, Vermont, Wisconsin
States that use both deeds of trust and mortgages:** Colorado, Idaho, Illinois, Iowa, Maryland, Montana, Nebraska, Oklahoma, Oregon, Tennessee, Texas, Utah, Wyoming, Washington, West Virginia * Georgia uses a security deed** Custom dictates which document is used.
See: Deed of Trust
Whoever holds the deed on a home is the legal owner (or holds title). Before the closing date, however, the lender requires a title search to prove that the seller really owns the property you are about to buy. You receive the original deed in the mail after it is recorded at the county courthouse. You need to make sure this happens since it is proof that you own the home. A grant deed is the most common type of deed used to transfer title.
Deed of Trust states: Alaska, Arizona, California, Missouri, Nevada, North Carolina, Virginia, and Washington DC.
Mortgage States: Alabama, Arkansas, Connecticut, Delaware, Florida, Hawaii, Indiana, Kansas, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Minnesota, New Hampshire, New Jersey, New Mexico, New York, North Dakota, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, Vermont, Wisconsin
States that use both deeds of trust and mortgages:** Colorado, Idaho, Illinois, Iowa, Maryland, Montana, Nebraska, Oklahoma, Oregon, Tennessee, Texas, Utah, Wyoming, Washington, West Virginia * Georgia uses a security deed** Custom dictates which document is used.
See: Deed of Trust
Debt
The money you owe to a person or a company
There are a lot of types of debt - credit card, car and student loans, child support and alimony. Debt can leave you with little opportunity to save money. If debt takes a big bite out of your income, start looking at ways to manage your finances since lenders prefer you have very manageable debts when you apply for a loan to buy a home.
There are a lot of types of debt - credit card, car and student loans, child support and alimony. Debt can leave you with little opportunity to save money. If debt takes a big bite out of your income, start looking at ways to manage your finances since lenders prefer you have very manageable debts when you apply for a loan to buy a home.
Friday, April 14, 2006
Closing date
The day when a home’s sale or purchase is completed
The closing date, agreed upon by both the seller and buyer, is written in the purchase/sale agreement. Depending onwhat state the property is located, a closing can either bean actual meeting that takes place between the buyer and seller, or escrow, which doesn’t require a meeting.
Even though what happens at on the closing date varies from state to state, in general, there are 4 main steps:
(1) the buyer pays for the property, including the down payment and lender fees
(2) the buyer and seller sign the final closing documents
(3) the deed is recorded at the county courthouse
(4) the mortgage officially begins. In some states, these steps span over several days leading up to, and after, the closing date.
The closing date, agreed upon by both the seller and buyer, is written in the purchase/sale agreement. Depending onwhat state the property is located, a closing can either bean actual meeting that takes place between the buyer and seller, or escrow, which doesn’t require a meeting.
Even though what happens at on the closing date varies from state to state, in general, there are 4 main steps:
(1) the buyer pays for the property, including the down payment and lender fees
(2) the buyer and seller sign the final closing documents
(3) the deed is recorded at the county courthouse
(4) the mortgage officially begins. In some states, these steps span over several days leading up to, and after, the closing date.
Subscribe to:
Posts
(
Atom
)
